Research On The Value Assessment Of Start-up Internet Companies

In these years, it was emerging that the listing, merger, split, financing and other economic activities for the Internet companies, with the booming of Internet startup. The enterprise value evaluation is the core of the equity pricing and trade links. Because of the peculiarity of the Internet companies itself, there was so great constraint in the application of the traditional Enterprise value assessment theory and method that Reflecting the value of the enterprise truly, objectively, which reducing the efficiency of the pricing and trading of the start-up Internet companies seriously and hinder the development of the Internet of new economics and the transition of the economics of our country.The theme for this paper is that the study of valuing start-up Internet companies which using the case of M companies. To solve the traditional methods of valuation of start-up Internet companies in the applicability of the problem is not strong by Using the Delphi method to improve market method,and draw the conclusions. Firstly, by studying the peculiarity of the Internet companies in value evaluation, we get the result that Cost method, discounted cash flow method and option pricing method has so much limitation that does not apply to start-up Internet companies. The applicability of the market method is relatively strong, but it has the imperfection of subjectivity so strong for the adjustment coefficient. In order to make the result more fair and reasonable, it was necessary using the Delphi method to quantificat the qualitative part in market method properly. Secondly, studying the applicability and limitations of traditional evaluation method problem, the improved marketing operation process, and other problems by using analyzing the typical case of company M. Finally, the following conclusions is that:1)The market method is more applicabily for start-up Internet companies;2)Using the Delphi method to improve the market method is more fair and reasonable;3)There was a reality reference significance for the nearness of the Evaluation results and the fair result.